Energy stocks are turning lower this afternoon with the NYSE
Energy Sector Index now down 0.08% and the S&P Energy Index
Natural-gas futures are paring their losses after supply data
found inventories rose by 77 billion cubic feet rise during the
week ended May 18. Working gas in storage was 2,744 billion cubic
feet, topping both year-ago and the five-year average, according to
U.S. Energy Information Agency estimates.
At last look, natural gas for June delivery is down just under 4
cents at $2.698 per 1 million British thermal units. July crude oil
is up $1.33 at $91.23 a barrel.
In company news, Spanish oil firm Repsol today confirmed a large
oil and gas find off Brazil. The company, in partnership with
China's Sinopec (
), Norway's Statoil (
) and Brazil's Petrobras (
), said the discovery in the Campos basin could hold over 1.2
billion barrels of oil equivalent, a figure that equals more than
Brazil's expected total oil output for this year.
The firms did not detail development plans but Statoil
exploration chief Tim Dodson told Reuters that production was
unlikely to start before 2020.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.